Leader of Nigerian Crypto Stakeholders’ Body Welcomes the E-Naira — Says It ‘...
Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the success of such a digital currency will depend on its design. A Hybrid CBDC As per reports, the Central Bank of Nigeria (CBN)’s proposed digital currency, whose piloting phase is set to commence on October 1, will be a hybrid central bank....
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The Central Bank of Nigeria should be discontinuing the fixed exchange rate system and let the naira freely float against the major currencies, Alhaji Aminu Gwadabe, the leader of a Nigerian association of bureau de change operators has said. The leader also slammed the recent adjustment of the central bank’s interest rate to 13%, which he said could have a negative impact on Nigeria’s underperforming economy. Central Bank Told to Intervene to Save the Naira The leader of a Nigerian association of bureau de change operators, Alhaji Aminu Gwadabe, has urged the....
The Nigerian currency, the naira, plunged to a new all-time low of N570 for every dollar on September 16, 2021. This new exchange rate means since August 17, the naira has now lost about a tenth of its value on the foreign currency black market. Naira Overvalued In spite of this plunge, which has been attributed to the biting shortage of foreign exchange, authorities insist the naira’s real exchange is unchanged at N411 for every dollar. This means forex buyers that source this commodity on the parallel market are now paying a premium of over N150. Alternatively, the new parallel....
Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months.
The Naira’s Continuing Depreciation
The call by Obanikoro comes nearly two weeks after threats from the Central Bank of Nigeria (CBN) governor forced Abokifx to stop publishing the naira’s black market exchange rates. Yet even after the suspension of the service, the naira continues to slide in....
The Nigerian central bank has accused currency speculators of being behind the local currency’s recent plunge to a new all-time low of N710 against the greenback. The leader of a Nigerian association of bureau de change operators insisted crypto trading may be to blame for the naira’s recent plunge in value.
Nigerians Converting to USD
According to local reports, the parallel market exchange rate of the Nigerian currency against the greenback recently plunged to a new low of N710 per dollar. The currency’s rapid depreciation is reportedly being fueled by....
Fighting to stop the value of the naira from dropping further, the Central Bank of Nigeria (CBN) faces yet another problem: abuse of naira banknotes. According to the CBN’s Aladeen Badajo, the central bank is concerned with the rate at which Nigerians “mutilate, deface, squeeze and even spray and sell the naira notes.” He adds that as a result of this abuse, Nigeria is now spending more money on reprinting banknotes than it should. According to a report that quotes Badajo, an assistant director at the CBN’s Currency Operations Department, offenders now face....